Stocks up on China, US data; US crude also up
NEW YORK (REUTERS) - Global stocks gained on Thursday on an improving United States (US) jobs picture and data that showed China's economy regaining some traction, while US crude futures were lifted by the supportive economic news and a drop in crude inventories.
Payrolls processor ADP reported that private employers added jobs in October at the fastest pace in eight months, a sign of modest healing in the US labour market. Other data showed a sharp improvement in consumer confidence.
A drop in new claims for jobless benefits last week also was encouraging and lifted sentiment ahead of nonfarm payrolls due out on Friday, though there were mixed signals regarding the health of US manufacturing.
There was renewed optimism about China, the world's growth engine, after official and private-sector factory surveys marked gains. China's official Purchasing Managers Index for October showed gains in factory activity for the first time since July.